Bengaluru-based Neokred, an open banking stack that offers curated versions of issuance in the payment ecosystem has extended its Seed round to raise an additional $500,000 in funding. The round was supported by Virenxia Group, Rajesh Jain and Nitin Agarwal. CapNetic Consulting Group was the sole financial advisor for the round.
"Indian banking landscape tells us that access to financial services is still a lot to be caught up with. This extension of capital brings us a little closer to fulfilling that vision for corporates and customers. We are thrilled that our vision of truly ‘democratizing open banking’ has been validated and this pushes further to innovate and bring more products for banks to collaborate closely with SME's, brands, fintechs, etc," said Rohith Reji, co-founder and chief brand officer, Neokred.
The platform intends to use the new funding to grow its workforce, accelerate the development of its technology and data platform, and broaden its product offerings to cater to the needs of both prepaid and credit card consumers. The startup wants to become the key infrastructure provider to enable any company to provide open banking services and they expect this fund raise to help them do that.
"The way financial services are available and accessed in India is changing dramatically. The reason I'm thrilled about Neokred is that it has the potential to drastically alter people's perceptions of banking services. Neokred has an amazing tech stack and a talented management team that will enable the continual delivery of banking innovations to customers," added Rajesh Jain, investor, serial entrepreneur, and founder, Veeraa Ventures and IndiaShoppe.
Neokred is a fintech infrastructure company that empowers corporates, fintechs, and startups to pioneer their own banking services with the help of modified tools. Aiming to democratize banking infrastructure by lubricating its interior processes, Neokred, with its technological propensity bridges companies and employees through its new-age API banking account offerings.
The Bengaluru-based company, co-founded by Tarun Nazare and Rohith Reji in 2019, has issued close to 2 lakh cards since December 2020.
